efood Capital is the new program from efood, which allows the 21,000 restaurants on the platform across Greece to have immediate access to financing capital. It was created to provide partners with the ability to secure instant funding for their growth. This way, it helps partner businesses expand.
efood Capital offers eligible entrepreneurs access to capital to support needs related to their business development. Businesses are evaluated based on their sales on the efood platform, among other data, while the financing amount can reach up to €30,000 with repayment terms of up to 12 months. Through an easy, fast, and fully electronic process, they can proceed with the final financing application and receive approval as well as disbursement of funds within just 48 hours.
The program does not include interest rates, but rather an initial fixed fee, which is not modified throughout the duration of the program, providing entrepreneurs with full transparency regarding all costs. Additionally, payments for efood Capital are made automatically and depend entirely on the business’s activity and sales performance on efood, while capital repayment is executed as a percentage of their sales on the platform.
Konstantinos Akrivos, CFO of efood, stated: “efood has a very wide range of partner restaurants, which -together with users- constitute key elements of our ecosystem. The ability to provide financing contributes to the development of the restaurants we partner with, expands efood’s role and makes us an organization that actively participates in market evolution.”
Max Schertel, Co-founder of Finmid, noted: “efood Capital demonstrates in practice how platforms with strong restaurant relationships and real-time data can offer financing that traditional banking cannot. We are proud to support efood in providing this capability to 21,000 partner restaurants across Greece.”
efood Capital was designed by the efood team, developed and implemented in partnership with fintech company Finmid, which provides and manages the service. Since the program’s launch to date, it has provided financing to 150 businesses in Greece with a total value of nearly €2 million.
